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North
Carolina Loan Officer Test
North
Carolina was the first state in the nation to mandate loan officer
licensing. The state recognizes that loan officers have to have a
basic body of knowledge to be effective. The 60 Question North
Carolina exam probes areas from Federal Regulations, General Mortgage
Knowledge, Mortgage Math, as well as 30% of the test devoted to North
Carolina law. With an 80% passing grade required, an alarming
number of candidates fail the test by 2 or 3 questions.
North
Carolina mandates 8 hours of "Fundamentals", which also count
towards the Continuing Education requirement for licensing. For
loan officers with less than 1- 2 years in the business, it is not
likely they possess the general knowledge to pass the test without some
additional vocational training.
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